How FOMO, Doom, and Ego Impact Your Money — ft. Morgan Housel | Prof G Markets

This week on Prof G Markets, Morgan Housel, New York Times bestselling author of “The Psychology of Money,” joins the show to break down some of the worst traits an investor can have. He also discusses the difference between being wealthy and being rich, how to deal with uncertainty in the markets, and how he thinks about giving money to his kids.


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Timestamps:
00:00 - Today's number
01:07 - Ad break
01:09 - Today's episode
04:17 - Headlines
20:10 - Ad break
20:16 - How FOMO, Doom, and Ego Impact Your Money — ft. Morgan Housel
20:27 - What should someone in their mid-20s be thinking about when it comes to investing?
22:30 - Is suppressing the idea of being rich one of the ways that you get wealthy?
24:20 - How does social media impact our definition of wealth?
26:25 - What are the psychological safeguards one can use to protect oneself from doom spending?
28:51 - What are some practical best practices for young people who aspire to get wealthy vs be rich?
30:24 - What are the traits of a bad investor?
31:57 - What is dollar cost averaging?
32:45 - How should investors think about 'uncertainty' in the context of investing?
34:36 - Why should anyone pay attention to the markets?
37:46 - Ad break
37:53 - Are young people ever going to be able to afford a home?
40:02 - What are the risks in the market right now that people might be missing?
41:00 - What are the best practices about talking about money with your partner?
42:39 - How do you recommend teaching kids about money?
44:43 - As a parent how do you practically give your kids money?
45:39 - Would you support your kids' lifestyle when they are young adults?
46:49 - What are your current observations on the markets?
48:55 - What is the best financial decision you've made?
49:56 - What are you currently working on?
50:04 - How should I (Scott) spend my money?
51:56 - Algebra of Wealth

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